my wife cousins is lossing his investment house , i would like to buy it on a short sale how would this effect him and also is this legal
It would have a positive effect. You would be keeping a foreclosure off his record which would allow him to build his credit back up.
Why wouldnt it be legal? Wifes cousin? I dont know that there is a bank regulation that you cannot buy from a family member via short sale. Even if there was. Wifes cousin- the bank isnt going to try that hard to see if you are related.
Most banks would frown on the transaction with your wife’s cousin if in fact they found out. The short sale buyer must be at “arms lenght” meaning there should not be any family ties between the parties involved.
Jerry